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Deposit Money Banks (DMBs) have been directed by the Nigeria Inter-Bank Settlement System (NIBSS) Plc to yank off all financial institutions not licenced to hold customers’ funds from their NIBSS Instant Payment (NIP) outwards platforms.

In a circular dated December 5, 2023, the agency said allowing these firms, which obtained licenses to operate as Payment Solution Service Providers (PSSPs), Switching Companies, Super Agents and others from the Central Bank of Nigeria (CBN), to collect funds from customers was in contravention of the law.

NIBSS said only commercial banks and others authorised by the central bank to receive inflows from customers are allowed to offer such service, as the PSSPs, Switching firms and Super Agents cannot process such functions.

“This is to bring to your attention that listing non-deposit-taking financial institutions such as Switching Companies, Payment Solution Service Providers, and Super Agents as beneficiary institutions on your NIP funds transfer channels contravenes the CBN Guidelines on Electronic Payment of Salaries, Pensions, Suppliers, and Taxes in Nigeria dated February 2014.

“This is to bring to your attention that listing non-deposit-taking financial institutions such as Switching Companies, Payment Solution Service Providers, and Super Agents as beneficiary institutions on your NIP funds transfer channels contravenes the CBN Guidelines on Electronic Payment of Salaries, Pensions, Suppliers, and Taxes in Nigeria dated February 2014.

“For clarity, Switches, PSSPs and SAs may process outward transfers as inflows to banks but are not to receive inflows as their licenses do not permit them to hold customers’ funds.

“Another regulatory advice in this regard is the circular with the caption ‘Permissible Services and Products of PSSP Operation in Nigeria’, Ref: BPD/DIR/GEN/CIR/05/004 dated May 11, 2018.

Consequent on the above, kindly delist all Switches, PSSPs, and SAs from your NIP Outward Transfer channels only (not inwards),” the circular from the NIBSS said.

This new directive will affect financial technology companies like Flutterwave, Paystack, and others which obtained licences to operate as PSSPs, to serve purely as a payment gateway. This means users of Paystack and others cannot have funds deposited into their accounts. as they cannot receive money from anyone.

However, this will not affect Mobile Money Operators (MMOs) like Opay, PalmPay, Smartcash, MoniePoint, MoMo and others, which can keep the funds of customers.

The circular, which was dated Tuesday, December 5, 2023, has generated mixed reactions as a few media platforms, listed some mobile money operators (MMOs) like Opay, PalmPay, and others are part of the financial technology (fintech) firms affected by the directive.

In the disclosure sighted by this newspaper, the NIBSS specifically said those not licensed to accept deposits are Super Agents, Switching Companies, and Payment Solution Service Providers (PSSPs).

A look at the website of the Central Bank of Nigeria (CBN) showed that 47 companies were issued licences by the CBN to operate as Super Agents, 75 firms were authorised by the apex bank to function as PSSPs, and 16 fintechs have the Switching and Processing licence.

Below is the full list, as obtained from the CBN, of the three categories of fintechs affected by the NIBSS directive;


1. Appzone Limited
2. Arca Payments Company Limited
3. Chamswitch Limited
4. Coralpay Technology Nigeria Limited
5. eTranzact International Limited
6. Flutterwave Technology Solutions Limited
7. Habaripay Limited
8. Hydrogen Payment Services Limited
9. Interswitch Limited
10. Network International
11. Paystack Payment Limited
12. Remita Payment Service Limited
13. Teamapt Limited
14. Terra Switching & Processing Company Limited
15. Unified Payment Services Limited
16. Xpress Payments Solution Limited


1. Afara Partners Limited
2. Angala Financial Technologies Limited
3. Appmart Integrated Limited
4. Appzone Limited
5. Artha Fintech Limited
6. Betastack Technology Limited
7. Bud Infrastructure Limited
8. Callphone Limited
9. Capricorn Digital Limited
10. CBI Technologies Ltd
11. Cellulant Nigeria Limited
12. Centric Gateway Limited
13. Ceviant Payments Nigeria Limited
14. Clane Company Nig. Ltd.
15. Cyberspace Limited
16. Demerge Nigeria Limited
17. Dot Financial Inclusion Technologies Limited
18. Easypay International Limited
19. Egole Pay Limited
20. Ercas Integrated Solutions Limited
21. E-Settlement Limited
22. Eyowo Integrated Payments Limited
23. Fincra Technologies Limited
24. Flutterwave Technology Solutions Limited
25. Fountain Payment Systems Solution
26. Gemspay Limited
27. Global Accelerex Limited
28. Gpay Instant Solution Limited
29. GTP Client Services Limited
30. Hellopay Africa Integrated Service Ltd.
31 ICAD Concord Limited
32 Infiniti Segments Limited
33. Irecharge Technology Innovations Limited
34. Irofit Technologies LimitedD
35. Itex Integrated Services Limited
36. Konetpay Nigeria Limited
37. Kora Payments
38. Leadremit Limited
39. Moneta Technology Ltd
40. Multigate Payment Limited
41. Netapps Technologies Limited
42. Netplusdotcom Nigeria Limited
43. Nomba Financial Services Limited (Formerly Cosmic Intelligence Lab Limited)
44. One Payment Limited
45. Onepipe.Io Services Ltd
46. Parkway Projects Limited
47. Payfixy Nigeria Limited (Formerly Innovate 1 Pay Limited)
48. Paylode Services Limited
49. Paysure Technologies Limited
50. Payu Payments Nigeria Limited
51. Pethahiah Rehoboth International Limited
52. Prophius Limited
53. Qrios Networks Limited
54. Redtech Limited
55. Resident Fintech Limited
56. Rexel Limited
57. Routepay Fintech Limited
58. Saanapay Corporate Investments Management Limited (SAANACORP)
59. Shago Payments Ltd
60. Simplify International Synergy Limited
61. Soft Alliance & Resources Limited
62. Spay Business Solutions Limited
63. Spout Payment Solutions
64. Stanbic Financial Services Limited
65. Swift Link-NZ Global Services Ltd.
66. Teinnovate Capital Limited
67. Unlimint Nigeria Ltd
68. Upperlink Limited
69. Vas2net Technologies Ltd
70. Venture Garden Nigeria Limited
71. Vestrapay Nigeria Limited
72. Voguepay Web Solution Limited
73. Waxed Mobile Nigeria Ltd
74. Waya Multilinks Technologies Limited
75. Woven Finance Limited


1. 3Line Card Management
2. 5554 Technologies Limited
3. Accelerex Networks Limited
4. Africa Mama Atm Limited
5. Africave Technologies Limited
6. Airtel Mobile Commerce Nigeria Limited (Airtel)
7. Allstream Information Technology Solutions Limited
8. Angala Financial Technologies Limited
9. Appmart Integrated Limited
10. ATN Wayya Limited
11. Betastack Technology Limited
12. C24 Limited
13. Callphone Limited
14. Capricorn Digital Limited
15. CBI Technologies Ltd
16 Cicoserve Payments Limited
17. Citiserve Limited
18. Clane Company Nig. Ltd.
19. Connectpoint Technology Solutions Limited.
20. Crowd Force Limited (Formerly Mobile Forms Limited).
21. Dot Financial Inclusion Technologies Limited.
22. Egole Pay Limited.
23. Errand P Limited.
24. E-Settlement Limited.
25. Fountain Payment Systems Solution.
26. Fucil Datatech Limited.
27. Gwills Payments Service Limited.
28. Infibranches Technology Limited.
29. Innovectives Limited.
30. Interswitch Financial Inclusion Services Limited.
31. Irofit Technologies Limited.
32. Itex Integrated Services Limited.
33. Kadick Integrated Limited.
34. Lukeport Nigeria Limited.
35. Microsystems Investment And Development Limited.
36. Moneymaster Limited.
37. Nigerian Postal Service (NIPOST) .
38. Nomba Financial Services Limited (Formerly Cosmic Intelligence Lab Limited)
39. Paycluster Technology Limited.
40. Paygo Limited.
41. Shago Payments Ltd.
42. Spout Payment Solutions.
43. Swift Link-Nz Global Services Ltd..
44. Traction Payments Ltd..
45. Vatebra Pay Limited..
46. Waxed Mobile Nigeria Ltd..
47. Y’ello Digital Financial Services..


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